THIS is what London’s Canary Wharf might look like if an Irish developer is granted planning permission to build a 74-story skyscraper on the site.
Property investor Tom Ryan is reported to have bought the site for £100million but it is anticipated the project could be worth more than £850million if completed.
“We’re at a moment in time when residential is something that is very popular in London and we came across a project which we thought was incredibly exciting and in an area where we think has a lot of growth,” said Richard Berridge, chief operating officer for Ryan Corporation.
If the development gets the green light the building will be the tallest in London for a residential build standing at 242 metres which is seven metres higher than Canary Wharf’s tallest office building.
The site, which sits on Canary Wharf’s north-west corner, was sold by Commercial Estates Group, which had permission to build a 242 metre tall building containing offices, homes and a hotel called the Columbus Tower. It put the plans under review in 2011 citing the changing economic climate.
Ryan Corporation (UK) Limited – the privately-held London-based company headed by Tom Ryan – said the tower would be renamed the Herstmere.
It is set to contain more than 500,000 square feet of luxury residential space or 714 homes.
Last year the Byrne Group, led by the late Patsy Byrne, played a pivotal role in the construction of the Shard, which is Europe’s tallest building.